A mostly flat day so far for the ICE Sugar future, ranging between $19.5 and $19.63; currently at $19.56 per pound.
United States ADP Nonfarm Employment Change (Dec) is next.
This uncertain state for ICE Sugar is reflected by published market data as United States JOLTs Job Openings (Nov) came out at 10.46 million, while a consensus of analysts was expecting 10 million. United States ISM Manufacturing PMI (Dec) released yesterday at 15:00 UTC with a figure of 48.4, while the previous figure was 49. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 3.30 million, while the previous figure was -1.3 million.
Sugar's upper Bollinger Band® is at $21 and the lower is $19.13. The ICE Sugar future is approaching key support, around 10 cents away from $19.46. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in ICE Sugar, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Softs as Cotton moves up 1.79% to trade around $81.88. Cocoa is up 0.61%.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with 1.15 million. It previously stood at 718,000; data will be released today at 16:00 UTC. United States Non Farm Payrolls expected to decline to 200,000 while its preceding data was 263,000, data will be available tomorrow at 13:30 UTC. United States ADP Nonfarm Employment Change (Dec) is scheduled for today at 13:15 UTC.
13 days ago the Sugar future reached a significant high of $21 but has consequently lost 6.86% since then.